Thompson said his Farm Bill aims to “preserve and protect” US agriculture through funding conservation and commodity programmes, including those aimed at cotton growers in the US.

The NCC said the Farm Bill would “significantly increase the support levels for cotton producers” who it claimed have been impacted by rising production costs in recent years.

“This legislation also gives growers more affordable options for their risk management strategies, makes important improvements in the marketing loan programme, and restores critical support for our domestic textile manufacturers,” the NCC said in a statement.

“The NCC urges this legislation to move forward in a bi-partisan manner with our industry committed to working with the leadership of the House and Senate to ensure final passage in 2024.” 

The news comes after the NCC projected growth rates for US cotton over the next two years will be well below the recent historical average on the back of weak demand.

Reuters has alleged the 2024 Farm Bill could cost an estimated $1.5tn over the next 10 years if passed. Alongside support for producers, the bill is also expected to include plans to cut $14.4bn in support for climate-friendly farming practices promised by the 2022 Inflation Reduction Act.

The US usually passes a new Farm Bill every five years, but the current legislation has been in place since 2018 after Congress extended it for a year.

There is a chance lawmakers could extend the 2018 legislation for another year if the bill is not passed.

In a statement, Thompson said: “The 2024 Farm Bill was written for these precarious times and is reflective of the diverse constituency and narrow margins of the 118th Congress. Each title takes into consideration the varying opinions of all who produce as much as those who consume.

"It is not one-sided, it does not favour a fringe agenda, and it certainly does no harm to the programmes and policies that feed, fuel, and clothe our nation.”